Lehmans goes down, global banking in crisis

[Kid_Eternity]

Looks like some companies are losing confidence in JP Morgan. One has told all staff to pass all deals via senior management when dealing with JP Morgan, and apparently is reviewing current business with them.

 

[Badgers]

We have had a lot of our 'authority' reduced today too. Nothing to do with JP Morgan, just because everyone seems to be trying to milk the situation to the maximum.

 

[david dissadent]

The word is that the feds style of bailout over the past two weeks has had an unintended consaquence of a massive market distortion. The theory is that if you own shares you are going to get wiped out, if you own bonds you will get a bailout.

The full consquencies of this are likely to take a while to work through the system but it is most likely made many companies more unstable and the markets more vaulnrable. Still on the grand scheme of things the current market falls are far from catastrophic.

 

[Badgers]

The theory is that if you own shares you are going to get wiped out

Just had a long sobering conversation with a large shareholder of AIG.

He is and

 

[Griff]

What's the difference between a Lehman Bros. trader and a pigeon?





















A pigeon can still leave a deposit on a Porsche.


Sorry.

 

[marty21]

Just had a long sobering conversation with a large shareholder of AIG.

He is and

their shares are worthless now, live by the sword die by the sword

 

[goldenecitrone]

What's the difference between a Lehman Bros. trader and a pigeon?

A pigeon can still leave a deposit on a Porsche.


Sorry.

Leonid Brezhnev!

 

[Badgers]

their shares are worthless now, live by the sword die by the sword

Yep....

Knowing him he probably had several years of my salary invested there too!

 

[zoltan]

would appeae that CS are holding an open house for LB victims - a drop in room, where you can leave your CV and they han take it from there

seems to be that they are matching LB salaries & Guaranteeing 75% of your last LB bonus

cherry picking indeed

 

[citydreams]

Anyone checked the gold price??!!
http://www.kitco.com/charts/livegold.html

 

[lights.out.london]

Have you seen the silver charts?

 

[marty21]

i think the turning grey overnight charts are on the up too

 

[lights.out.london]

BUPA have installed heart attack care teams at Bank, Monument, Fenchurch St, Liverpool St, London Bridge, Canary Wharf and Fleet Street.

 

[Wolveryeti]

Perhaps it would also be wise to install massive trampolines under the windows of the investment banks.

 

[hipipol]

Most of these "theiving bastards" have actually been getting their bonus , well up to 80% in share options, most not redeemable for many years
The upshot of which is that they are not resting their fat arses on piles of cash, but instead on piles of utterly worthless promises.

It was also seen in many shops as weakness to cash their options in when they vested - so instead they were put into pension funds.

My, my, expect the price of a second hand Porsche with tear stained seats to drop

 

[hipipol]

PS Have ripped some real quality out of Lehmans today - looks like many of them are ready to be FILTH

Failed in LOndon? Try Hong Kong

 

[Dr Jon]

My, my, expect the price of a second hand Porsche with tear stained seats to drop

Porsche will likely go the same way as the hummer

 

[david dissadent]

There is a run on an AIG subsiduary in Singapore.

link

The euphoria of the Americans yesterday seems a tad damper today as the dow is down 325 points.

Morgan Stanley is down significantly today. One wonders if people are betting on them being the next domino.

Is it not about now when the leader of the free world should be on television showing he is in control of the situaiton. Actualy on reflection this there is still some order to the markets. The caption on TV "Bush: Im taking control" could make 1929 look like a cake walk.

 

[A Dashing Blade]

Morgan Stanley bonds trading as if they're BBB+ (officially rated AA I think)
Lloyds paying 280 for HBOS . . . . no way, the nuumbers don't stack up in any way unless the Govt underwrites the bad debt.

 

[hipipol]

I hear that HSBC maybe after MStan - I laffed this morning. Not so smiley now though.........

 

[Dr Jon]

Check the gold price:

 

[Kanda]

We've just moved EVERYTHING we can into T-Bills in a segregated account at Goldman just in case....

 

[hipipol]

I see there's a few other posters on here who either work, or have worked in the City, so I thought I'd repost this. It hardly made a ripple in P & P, some of you folks might be interested though:

UK holding of U.S. Treasury securities. In the space of a year, the UK has increased its holdings from $50 billion to $280.4 billion. Since June 2007 the country has gone from being the 8th largest foreign holder to the 3rd largest.

Figures here

As Darios pointed out a few posts ago, seems the BoE were hip tpo all this rather a long ago............seems they have an impressive collection of T-Bills already. Such is the stampede that the yield on the 30 yr is down to 4% Fuck that - utter panic really - pubs seem full of slightly louder voices round here, well at night, empty at lunchtime - very unlike Ye Olde Citie of London.
Bet you the Doc Butlers rammed with the old hands going " this kids, they aint seen faaaaaaackin nuffink, when I wuz a blue button......."

And as for Geraint Anal-Cuntilist - he who used to pen Cityboy for CityAM and now has a book out "lifting the lid on City excesses" (he's long since banked his wedge) is appearing all over the place saying, they fucking desrve it - you only stopped that life ten minutes ago you smug fuck
Even the haggered brain dead twat Will Look at me I'm so fucking droll Self-Absorbtion has got in on the act, coming on all holier than thou about "these people have responsibilities", aye they dont have to snort smack in a plane bog during an election campaign as our fearless reporter did in order to give themselves some spurious glaze of glamour. Most of em trudged to work, did shit boring jobs and never got to flare a pompous nostril on TV while tearing someone elses life to bits and GETTING PAID A FUCKING FORTUNE TO DOIT!!!!!

I'm a bit grumpy I think

 

[Jessiedog]

PS Have ripped some real quality out of Lehmans today - looks like many of them are ready to be FILTH

Failed in LOndon? Try Hong Kong

Hipipol!

Please!

NO!





Woof

 

[Spymaster]

Gotta love this ....

An ebay listing: Item number: 230292038533

For sale - Lehman Brothers battery operated torch. This is a limited edition item that was produced for the Tech Expo 2001 in London. It is made of grey plastic and has the words "Lehman Brothers" and "Tech Expo 2001" on the side. Powered by 2 AA batteries. Auction includes the original batteries that have outlasted the company.

In very good condition. This item is genuine and has been in my possession since receiving it in 2001. Please check my other Lehman Brothers auctions. Happy bidding - I'm hoping this auction will bring in more cash than my remaining Lehman share options. No reserve.

For Sale - A visitor's dining card from the Lehman Brothers London office. It is the same size as a credit card. The card itself has historical value - but it may also have a cash value. If the 7th floor restaurant re-opens the £3 deposit can be reclaimed and it should contain a balance - although I can't remember how much.

Please check out my other Lehman Brothers items. No reserve.

!

 

[david dissadent]

Link

Pressure is building on the pristine triple-A rating of the United States following a federal bailout of American International Group Inc., the chairman of Standard & Poor's sovereign ratings committee said Wednesday.

The $85-billion (U.S.) bailout of AIG on Tuesday by the U.S. Federal Reserve “has weakened the fiscal profile of the United States,” S&P's John Chambers told Reuters in an interview.

“Lack of a pro-active stance could have resulted in further financial stress and put pressure on the U.S. triple-A rating,” Mr. Chambers said. “There's no God-given gift of a 'AAA' rating, and the U.S. has to earn it like everyone else.”

Not gonna happen but the fact its being mentioned is hair raising.

 

[Belushi]

Bloomberg are now asking whether Morgan Stanley and Goldman Sachs can survive as independents.

 

[Jessiedog]

Link



Not gonna happen but the fact its being mentioned is hair raising.

Heh!


And the Rating Agencies are saying what now?


HAHAHAHAHAHAHAHAHA!


They're flexing their muscles against the administration - which will soon change, these are times of uncertainty.


They are entirely guilty and at the deepest centre of this financial fraud - the consequences of which have just begun. But they have lots of dosh and "authority" and are threatening to bump arms with the US government in the playground - while the rest of us get anally raped.

How many "AAA" ratings were S&P paid handsomely for, so that they would annoint the miriad-thousands of "bundled-together-again-and-again pile of rotting dog-shit, rag-tag, straggley, heap-of-nonsense, will-never-be-repayed debt" that was subsequently sold as "safe as houses" for outrageous profit that got us into this whole cunting mess in the first place?

What a dirty battle we are descending into.


Capitalism at its worst.





Hundreds of billions of "private" profit followed swiftly by hundreds of billions of taxpayer's loss - and years thereafter of deprivation for the "pubic", while those who made the "private" profit previously, retire in luxury.


God I'm seething!




Woof

 

[david dissadent]

How many "AAA" ratings were S&P paid handsomely for, so that they would annoint the miriad-thousands of "bundled-together-again-and-again pile of rotting dog-shit, rag-tag, straggley, heap-of-nonsense, will-never-be-repayed debt" that was subsequently sold as "safe as houses" for outrageous profit that got us into this whole cunting mess in the first place?

What a dirty battle we are descending into.

I fully agree. None of them dared give more accurate ratings for fear of losing bussiness.

Now Wachovia and Morgan Stanley are planning a merger and Citi is planning on buying WaMu (Washington Mutual). Let it never be said from here on that this is a minor blip on the markets. We are seeing man old and established banks dissapear in a matter of days.

 

[Jessiedog]

I fully agree. None of them dared give more accurate ratings for fear of losing bussiness.

When the people that you are rating are the very same people that are paying you to give them the "AAA" rating they crave..........




I'm smart, but not that smart, and yet I simply can't understand how or why this state of affairs - this massive conflict of interest inherent at the very core of the integrity of the global financial system - has not been pointed out and laughed at for the last two decades.

Oops!


I forgot.


Those at the heart were in it together.



Shhhhhh!






Woof